Sharp in Samsung share sale

In a rare move for a Japanese firm, Sharp has announced a Y10.4 billion deal with South Korean rival Samsung.

In a statment, Sharp said it will sell a three percent stake to Samsung that will make the South Korean company Sharp's biggest foreign shareholder.

The Japanese firm - which as been trying to restructure its operations amid mounting losses - said the deal would help shore up troubled finances and boost "mutual trust" as the firms look to benefit from Sharp's leading liquid-crystal display (LCD) technology for mobile phones and tablets.

Sharp has forecast a record Y450 billion loss in the fiscal year ending March 31 and has been under pressure to find an investor to bolster its capital base.